The 1921 silver dollar is a captivating historic currency whose significance transcends its face value. It conveys the rich heritage of the USA. Hence, these virtues explain why the coin is considerably loved and well-known among numismatic collectors.

You’ll learn much about the 1921 silver dollar and its current value from this article. After reading, you’ll understand the coin’s value and how to tell it apart from a cheap imitation. Additionally, interested coin merchants and collectors may pick up some helpful bargaining tips.

A Quick Summary of the 1921 Silver Dollar Value

The year 1921 was a distinct one for silver dollars as two dollar designs, i.e., the Peace Dollar and the Silver dollar, were in circulation. Both with unique designs and peculiarities. Moreso, there was a distinction in the value of both designs due to factors like the rarity, grade, and mint state.

The value of the 1921 Morgan Silver Dollar ranges from $18.41 to $575, while that of the 1921 Peace Silver Dollar ranges from $82 to $4,150.

What’s the 1921 (Morgan) Silver Dollar All About? — History and Grades

The US Silver Dollar program experienced an unusual year in 1921. The mint witnessed the Peace Silver Dollar’s manufacture and the Morgan Silver Dollar’s reemergence. In this period of history, it was sporadic for the mint to issue two distinct designs for coins of the same denomination in a year.

The mint manufactured the Morgan Silver Dollar for most of the year during the period of settlement for the Peace Dollar’s design. The mint got to work immediately, putting Anthony de Francisci’s Peace Dollar design into production shortly after authorization.

Identifying the Grades of the 1921 Morgan Silver Dollar: A Key Step in Determining Its Value

The state of the coin affects its worth, ranging from one regarded as the “Uncirculated” form to another in “Good” condition. It’s possible to assign a “Grade” by evaluating the various wear levels.

The value of the 1921 Morgan silver dollar increases with the number of original elements that are still intact. In other words, the value of these coins increased with higher grades.

Let’s examine the various grades that exist:



The Morgan silver dollars in their “uncirculated” state retain all the original components engraved in them during production. They’re in their best state as none of the features are out due to wear. However, it’s acceptable if the coin gets nicked or scratched by another coin because this occurrence is frequent during the minting and storing of silver dollars.

Lady Liberty’s chin, neckline, and hair above and below the ear still have their mint brilliance on the uncirculated grade. Once in circulation, these regions will be the first to deteriorate and have a dull and smooth appearance.

Extremely Fine


The 1921 Morgan silver dollar value prides itself on being in excellent condition after it started to exhibit minor wear. Flattening is noticeable in the hair behind Lady Liberty’s neck and above her forehead. Again, the creases of her cap are similarly worn and have lost some of their roundness. However, the coin is still very crisp and sharp in this form.



In this coin grade, most of the finest design elements have merged due to circulation. The silver dollars in the “fine” quality have noticeable, mild wear.

Both the hair across each ear on Liberty are considerably ruffled, with significant flat areas substituting the earlier delicate lines. When viewed from the back, the wreath’s leaves are now highly flat, the eagle’s neck’s feathers have blended, and the exact tips of the wings lack any detail.


In “good” coins, considerably heavy wear has condensed the whole design to a small number of components. Thus, a silver dollar in “good” condition has noticeable wear.

Most features are missing due to wear, and the coin portrays a low relief outline of Liberty.

Liberty only has a few flattened curls around her ear and neck in this coin grade. Yet, the eagle depicted on the reverse possesses a few feathers around its legs.

An Assessment of the 1921 Morgan Silver Dollar Value


An uncirculated 1921 silver dollar has the qualities to earn a sizable premium. It ranks highly on collectors’ desire lists because of its luster, lack of wear, abrasions, and eye appeal.

The mint that produced a coin also determines its value; each mint mark is acquired and priced independently. When the coins were first struck, the mint marks existed to distinguish the mint of production. These characteristics are necessary for determining an actual 1921 Morgan silver dollar worth.

The mint mark on a 1921 silver dollar coin identifies the regional mint that created it. Look at the coin’s reverse just above the “DO” in “DOLLAR” for markings specifying the other mints.

Philadelphia’s primary mint didn’t employ a mintmark. The “S” mintmark was employed in San Francisco, whereas Denver used the “D” mintmark. Historical records show that the Denver mint only manufactured Morgan silver pieces in 1921.

Furthermore, the key to attaining more excellent prospects with your coin is the grade of maintenance. Although regarded as antique, 1921 Morgan dollars are nevertheless widely accessible in circulated, worn form. Today’s collectors concentrate on items in the best “uncirculated” condition.

Philadelphia Mint 1921 Morgan Silver Dollar Value (1921-P)


  • Mintage: 44,690,000
  • Auction Record: $19,975 (MS67)
  • Finest Known: MS67 (NGC), MS67 (PCGS)

In the lengthy history of this denomination, the 1921 Morgan dollar manufactured at the Philadelphia Mint has the highest single mintage of any mint. Compared to the San Francisco and Denver Mints, Philadelphia produced more than twice as many Morgan dollars in 1921.

“Rarity” isn’t a term to define the 1921 Morgan dollar because it was produced in the single-largest quantity ever. According to recent sources, the Philadelphia Mint struck over a quarter million Morgan dollars daily at its peak. In these circumstances, replacing worn-out dies received little consideration.

Value-Based on Condition of the Coin

Coin Condition Value
Good $18.41
Fine $19.08
Extremely Fine $21.19
Uncirculated $33.90

Mint State and Value: What’s the Relationship?

A coin’s value is also dependent on its mint state.

Coins purchased by a coin collector while still in their original, sealed canvas mint bags are known as Mint State” (uncirculated) coins. These coins often show full mint brilliance and no “post-mint” blemishes.

However, “uncirculated” doesn’t equate to “undamaged” when referring to Mint State coins. The point is crucial because there was no Mint State Morgan dollars distribution.

Since people valued paper silver certificates, they may still sustain significant damage from being thrown around in large canvas bags like quarters, nickels, dimes, and cents. “Bag marks” are the dents caused by coins slamming against one another.

No matter how battered it seems, any Morgan dollar will grade as Mint State if it has no circulation damage and still has its mint brilliance. The rating of Mint State coins ranges from MS60 (worst) to MS70 (perfect). Still, there can never be a flawless MS70 Morgan dollar since they were treated similarly to other circulation coins.

Mint State (MS) 61

The value of the MS61 1921 Morgan Silver Dollar is $35.

Significant mint damage can be observed on an MS61 Mint State Morgan dollar. Most of these damages occur in key focal regions like the field in front of Liberty’s face, the face, and neck of Liberty, the body and wings of the eagle, and the areas on the sides of the wings above the eagle’s head, etc.

This coin is unappealing because of numerous gouges, vast and little bag marks, and perhaps even dents. It’s almost unmistakable for a silver dollar to be termed “as poor as MS61.” Unless it is a rare mintage, coin collectors won’t waste any money obtaining such a piece graded accurately.

Mint State (MS) 63 and 64

The value of the MS63 and MS64 1921 Morgan Silver Dollar is $50.

The Morgan dollars’ fine striking and mint sheen make coins graded MS63 and MS64 more appealing than lesser grades. Still, they’ll be distractingly marked or scratched. Several of these marks will be present on obvious focal points; however, none will be extremely heavy or repulsive.

The most often used Morgan dollar grades are MS63 and MS64. They’re more attractive than MS60–MS62 coins but considerably less costly than MS65 coins.

Mint State (MS) 65

The value of the Mint State 65 1921 Morgan Silver Dollar is $125.

For a good cause, a Mint State 65 Morgan dollar is frequently called “Gem Uncirculated.” It’ll strike with precision and shine with full, appealing brilliance. This coin displays irregular, faint markings, with none appearing at the main focal points.

The coin may have minor friction marks on the Liberty’s cheek or eagle’s breast from its tenure in a large canvas bag at the Treasury vaults. Compared to an MS63 of the same period, an MS65 Morgan dollar is far more elegant, which accounts for the substantial price difference.

Here’s a tabular representation of the value of different mint states of the Philadelphia-minted 1921 Morgan Silver Dollar:

Mint State Value
Mint State 61 $35
Mint State 63/64 $50
Mint State 65 $125

San Francisco Mint 1921 Morgan Silver Dollar (1921-S)


  • Mintage: 21,695,000
  • Auction Record: $19,200 (MS67)
  • Finest Known: MS68 (NGC), MS67+ (PCGS)

The manufacture of Morgan dollars in 1921 was utterly unnecessary. The Treasury vaults were overflowing with millions of pristine Morgan dollars. The Pittman Act required the US Mint to replenish the 270 million silver coins that had previously melted during World War I.

The US Mint created new substandard relief coin dies to make the most use of each die, as it was almost apparent that the mint wouldn’t produce all these new Morgan dollars. As a result, even when thoroughly struck, every 1921 Morgan dollars feature quite a mushy look.

The Morgan Dollar from 1921-S is quite prevalent. The largest yearly mintage of Morgan dollars at the mint was 21.6 million in San Francisco that year. Plenty of 1921-S Morgan dollars are still available for coin collectors, even though the war crisis destroyed millions of them in 1942.

The 1921-S Morgan Dollar’s Value

Most 1921-S Morgan dollar coins aren’t very attractive due to their mild striking. This feature resulted in their classification among the “ugly Morgan dollars.” Yet, the demand for this coin is driven chiefly by curiosity or the desire to complete collections.

Value-Based on Condition of the Coin
Coin Condition Value
Good $18.41
Fine $19.08
Extremely Fine $21.19
Uncirculated $37.13
Mint State Value

The rarity and quality of a 1921-S Morgan Dollar determine its worth. Like anything else, a coin’s value increases with its condition. As their condition approaches mid-level mint condition grades, their prices increase significantly.

Mint State Value
MS61 $50
MS63/64 $75
MS65 $575

Denver Mint 1921 Morgan Silver Dollar (1921-D)

  • Mintage: 20,345,000
  • Auction Record: $44,063 (MS67)
  • Finest Known: MS68 (NGC), MS67+ (PCGS)

The 1921-D Morgan dollar is unique because it’s the only variant produced at the Denver Mint. Two years before the Denver Mint opened its doors, the Morgan Dollar’s manufacture ended in 1904.

At the Denver Mint, the making of more adequate coin presses capable of significantly handling the striking of an enormous silver dollar to help fulfill the mint put the Pittman Act’s Congressional demand in place.

The Denver Mint employed the shallow profile dies previously used by the other two US Mints. However, it recorded more success than the San Francisco Mint in obtaining a satisfactory strike.

The 1921-D Morgan Dollar’s Value


The huge mintage would indicate that the 1921-D Morgan dollar is a popular coin. In most grades, it’s easily accessible.

Millions of 1921 Morgan dollars were probably melted during World War II to make up for the scarcity of silver. Still, it’s reasonable to presume that Denver witnessed significantly fewer melts than Philadelphia and San Francisco did.

The East and West coast production centers for the war were Philadelphia and San Francisco. Therefore, it felt more logical to melt down Morgan silver dollars produced nearby rather than use up valuable train space transporting silver from Denver.

Value-Based on Condition of the Coin
Coin Condition Value
Good $18.41
Fine $19.08
Extremely Fine $21.19
Uncirculated $37.13
Mint State Value
Mint State Value
MS61 $50
MS63/64 $60
MS65 $250

The 1921 Peace Silver Dollar: History And Grade


  • Mintage: 1,006,473
  • Auction Record: $132,000 (MS67)
  • Finest Known: MS69 (NGC), MS67 (PCGS)

The US Mints didn’t manufacture many Peace Dollars because they only allowed minting for a short time towards the end of 1921. Only 1,006,473 coins were made and generally circulated. Thus, the 1921 Peace Dollar is significantly rarer than the 1921 Morgan Dollar due to its limited mintage.

Despite its small mintage, the 1921 Peace Dollar received favorable reviews from the general public. The mints started striking this variant in enormous numbers in the subsequent years due to rising customer demand and widespread public approval.

Like the Morgan Dollar, the Peace Dollar comprises 90% silver and 10% copper. The mints maintained the coin’s mass and diameter to enable them to use the silver blanks to create the Morgan Silver Dollar.

Identifying the Grades of the 1921 Peace Silver Dollar: A Step Towards Ascertaining Its Value

Circulation-related wear flattens a coin’s surface and erases its surface features. One “grade” is differentiated from the next by the visual difference. Although the “Uncirculated” grade commands the highest prices, the 1921 Peace silver dollars are still highly prized by coin collectors.

Let’s assess the various existing grades:



To be considered “uncirculated,” a 1921 Peace silver dollar mustn’t have surface wear.

When minted, the mint luster applied to the coin’s surface is the first to get worn. Hold the piece by the rims at a specific angle. The shine will circulate throughout the entire pattern as you rock it back and forth.

Even a short circulation period rapidly eliminates this sheen, leaving parts looking lifeless.

Extremely Fine

A silver dollar is in “extremely fine” grade if it has a slight degree of uniformly dispersed wear. To check, look attentively at Miss Liberty’s hair knot at the back of her head. The design still has a considerable roundness around it despite some apparent flatness.

Also visible in this condition are the wisps hanging backward from her neck and several hair strands. The coin should have a good, crisp look overall.


A 1921 Peace silver dollar in “fine” condition will often have a moderate, discernible pattern interweaving. There’s a darkening of Miss Liberty’s attributes, including noticeable wear and the lettering’s initial strength diminishes. Similarly, you can identify the coin’s grade by the smoothness and flattening of the once-rounded rays emerging from the crown.


The coin is in “good” condition if there are no significant wear spots and the hairline doesn’t merge with the neck. Despite its relatively low grade and worn state, the 1921 Peace Silver Dollar’s worth attests to its collectibility. The eagle emblem is still present on its back, but it lacks much of its feathers.

The 1921 Peace Silver Dollar’s Value

The 1921 Peace Dollar has always been in high demand. This tendency began because 1921 wasn’t only its first year of issuance. Also, it was the first time the US Mints put a high relief model into circulation.

The 1921 Peace Dollar boasts one of the priciest circulated grades and one of the top five highest priced uncirculated grades.

Value-Based on Condition of the Coin

Coin Condition Value
Good $82
Fine $111
Extremely Fine $161
Uncirculated $368

Mint State Value

The 1921 Morgan Silver Dollar’s Mint State value can be summarized below:

Mint State Value
MS61 $1,000
MS63/64 $1,300
MS65 $4,150

Note: The 1921 Peace Dollar is usually the coin collector’s centerpiece. In addition to the coin being a one-year “high relief” edition, it’s also the first in the series. Relative to subsequent years, the design on these coins is strong and glaring, making them stand out significantly.


Where are the mint marks of the Morgan and Peace Silver Dollar Coins located?

You need to turn to the rear side of the Morgan and Peace silver dollars to find their mintmarks.

For the Morgan Dollar, this area is at the bottom center of the design. More precisely, it’s positioned right below the eagle’s tail feathers.

Are there 1921 Silver Dollar coins without mint marks?

If a silver dollar coin is dated “1921” without any mint mark, it’s most likely manufactured in Philadelphia. Although they may not bear a mintmark, coins manufactured in Philadelphia are occasionally referred to as “1921-P.”

How does cleaning your 1921 Silver Dollar coin affect its value?

Generally, it’s preferable to leave your old 1921 silver dollar coins rather than attempt to wipe off their dirt and dust. Never polish a coin because doing so can significantly lower its value. Even heavily soiled, tarnished, or toned coins should be retained in their original state.

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This guide shows that the 1921 silver dollar value varies with the coin’s grade and other factors, like the Mint State. The coin has no fixed price, and its value is prone to market changes.

To predict how much the 1921 silver dollar’s value will change over time, staying up to date with the market is best. You may sell or acquire valuable silver dollar coins from auction platforms, e-commerce sites, flea markets, or direct trade.

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